Ascendis Pharma A/S Reports Second Quarter 2021 Financial Results


– Announced U.S. Food and Drug Administration Approval of SKYTROFA



®



(lonapegsomatropin-tcgd), the First Once-weekly Treatment for Pediatric Growth Hormone Deficiency –


– Exceeded target enrollment in Phase 3 PaTHway Trial for TransCon PTH (palopegteriparatide) in adults with hypoparathyroidism (HP); top-line results expected in Q1 2022 –


– Initiated combination therapy arm in transcendIT-101; TransCon TLR7/8 Agonist used in combination with a check point inhibitor (CPI) –





Conference call today at 4:30 p.m. Eastern Time



COPENHAGEN, Denmark, Aug. 25, 2021 (GLOBE NEWSWIRE) — Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that utilizes its innovative TransCon™ technologies to potentially create new treatments that make a meaningful difference in patients’ lives, today announced financial results for the second quarter ended June 30, 2021.

“We are actively preparing for the U.S. commercial launch of SKYTROFA for the treatment of children with GHD, which is now the first FDA-approved once-weekly treatment for pediatric GHD. SKTROFA is also the first FDA-approved product utilizing our innovative TransCon technology. Our pivotal heiGHt Trial demonstrated that once-weekly TransCon hGH increased annualized height velocity in treatment-naïve subjects at 52 weeks compared to a daily growth hormone with comparable safety and tolerability,” said Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer.   “We see this approval as the first step in creating a market leading product and building a fully integrated global biopharmaceutical company guided by our values of patients, science, and passion.”

Company Highlights & Progress

  • TransCon hGH (lonapegsomatropin)
    • TransCon hGH is now FDA approved in the U.S. under the brand name SKYTROFA.   Continued preparation for commercial launch for the treatment of pediatric patients with GHD in the U.S.
    • European Commission decision on the company’s Marketing Authorisation Application (MAA) for the treatment of pediatric patients with GHD is anticipated in the fourth quarter of 2021.
    • Ongoing enrollment in the foresiGHt Trial, a global phase 3 trial in adults with GHD, and the riGHt Trial, a phase 3 trial in Japan in pediatric patients with GHD.
    • Patient follow-up continues in enliGHten, a multi-center phase 3, long-term open-label trial investigating safety and efficacy of SKYTROFA in pediatric patients with GHD.
    • Comprehensive results from the heiGHt Trial recently published on-line in the Journal of Clinical Endocrinology & Metabolism, an official journal of the Endocrine Society.
  • TransCon PTH (palopegteriparatide)
    • Exceeded target enrollment in the PaTHway Trial, a phase 3 trial evaluating the safety, tolerability, and efficacy of palopegteriparatide in adult subjects with hypoparathyroidism with similar demographics as enrolled in the phase 2 trial including broad representation of different non-surgical disease etiologies and leading influential clinical sites balanced between North America and Europe.
    • On track to announce 84-week top line results from the open label extension (OLE) portion of the PaTH Forward Trial in the fourth quarter of 2021. Continued strong long-term subject retention with 58 out of the 59 randomized subjects continuing in the OLE portion of the trial as of August 23, 2021.
    • Clinical trial notification for the PaTHway Japan Trial was accepted by the Japanese Pharmaceuticals and Medical Device Agency. The single-arm, phase 3 study will enroll a minimum of 12 Japanese subjects with HP.
    • Received Orphan Drug Designation (ODD) from the Japanese Ministry of Health, Labor and Welfare.
    • VISEN Pharmaceuticals (VISEN) obtained investigational new drug (IND) approval to initiate the phase 3 PaTHway China Trial.
  • TransCon CNP
    • Continued execution in the ongoing phase 2 ACcomplisH Trial and ACcomplisH China Trial to evaluate the safety and efficacy of TransCon CNP in children ages two to ten years with achondroplasia.
    • Clinical program update planned for the fourth quarter of 2021.
  • TransCon TLR7/8 Agonist
    • Initiated combination therapy arm in transcendIT-101 with TLR7/8 Agonist and a CPI.
  • TransCon IL-2 ß/y
    • IND filing on track for this quarter.
  • Ended the second quarter of 2021 with cash, cash equivalents and marketable securities totaling €641.3 million.  

Second Quarter 2021 Financial Results

For the second quarter, Ascendis Pharma reported a net loss of €134.4 million, or €2.50 per share (basic and diluted) compared to a net loss of €94.9 million, or €1.97 per share (basic and diluted) for the same period in 2020.

Revenue for the second quarter was €1.0 million compared to €1.4 million in the same quarter of 2020. The decrease was due to a lower amount of license revenue being recognized, partly offset by higher sale of clinical supplies and services to VISEN and recognition of revenue from services rendered to another collaboration partner.

Research and development (R&D) costs for the second quarter were €83.3 million compared to €63.6 million during the same period in 2020. Higher R&D costs in 2021 reflect an increase in external development costs of the company’s product candidates and an increase in personnel-related costs.

Selling, general and administrative expenses for the second quarter were €35.3 million compared to €20.8 million during the same period in 2020. The increase is primarily due to higher personnel-related costs and an increase in IT costs.

Net loss of associate for the second quarter was €4.8 million compared to a net loss of €1.9 million in the same quarter of 2020. The net loss of associate represents our share of the net result from VISEN.

As of June 30, 2021, Ascendis Pharma had cash, cash equivalents and marketable securities of €641.3 million compared to €771.1 million as of March 31, 2021. As of June 30, 2021, Ascendis Pharma had 53,900,990 ordinary shares outstanding.

Conference Call Details

Date Wednesday, August 25, 2021
Time 4:30 p.m. ET/1:30 p.m. Pacific Time
Dial In (U.S.) 844-290-3904
Dial In (International) 574-990-1036
Access Code 8553236

A live webcast of the conference call will be available on the Investors and News section of the Ascendis Pharma website at www.ascendispharma.com. A webcast replay will be available on this website shortly after conclusion of the event for 30 days.

About Ascendis Pharma’s Pipeline

Ascendis Pharma currently has three product candidates in clinical development in rare endocrine diseases and one oncology product candidate in clinical development:

  • TransCon hGH (lonapegsomatropin-tcgd), an investigational long-acting prodrug of somatropin (human growth hormone or hGH) that releases somatropin with the identical amino acid sequence and size as daily growth hormone, is designed as a once-weekly treatment for GHD and is approved for pediatric GHD by the U.S. Food and Drug Administration and under review by the European Medicines Agency.
  • TransCon PTH (palopegteriparatide), an investigational long-acting prodrug of parathyroid hormone (PTH) in phase 3 development as a once-daily replacement therapy for adults with hypoparathyroidism designed to replace PTH at physiologic levels for 24 hours, and address both short-term symptoms and long-term complications of the disease.
  • TransCon CNP, an investigational long-acting prodrug of C-type natriuretic peptide (CNP) in phase 2 development as a therapy for children with achondroplasia (ACH), the most common form of dwarfism, for which there is no FDA-approved treatment. TransCon CNP is designed to provide continuous exposure of CNP at safe, therapeutic levels via a single, weekly subcutaneous dose.
  • TransCon TLR7/8 Agonist is an investigational long-acting prodrug of resiquimod, a small molecule agonist of Toll-like receptors (TLR) 7 and 8. Administered as an intratumoral injection, TransCon TLR7/8 Agonist is designed to provide sustained activation of intratumoral antigen presenting cells driving tumor antigen presentation and induction of immune stimulatory cytokines in the tumor.
  • TransCon IL-2 ß/y is an investigational long-acting prodrug of IL-2 ß/y designed for optimized IL-2R ß/y bias and potency, combined with low Cmax and long exposure.

About Ascendis Pharma A/S 

Ascendis Pharma is applying its innovative platform technology to build a leading, fully integrated biopharma company focused on making a meaningful difference in patients’ lives. Guided by its core values of patients, science and passion, the company utilizes its TransCon technologies to create new and potentially best-in-class therapies.

Ascendis Pharma currently has a pipeline of multiple independent endocrinology rare disease and oncology product candidates in development. The company continues to expand into additional therapeutic areas to address unmet patient needs.

Ascendis is headquartered in Copenhagen, Denmark, with additional facilities in Heidelberg and Berlin, Germany, in Palo Alto and Redwood City, California, and in Princeton, New Jersey.

Please visit www.ascendispharma.com (for global information) or www.ascendispharma.us (for U.S. information).

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis’ expectations regarding the U.S. commercial launch of SKYTROFA, (ii) Ascendis’ planned IND submission for TransCon IL-2 ß/y in the third quarter of 2021, (iii) Ascendis’ expectations regarding the European Commission’s decision on its Marketing Authorisation Application in the fourth quarter of 2021, (iv) Ascendis’ expectations regarding the announcement of top line results from the OLE portion of the PaTH Forward Trial in the fourth quarter of 2021, (v) Ascendis’ expectations regarding the announcement of top line results from the PaTHway Trial in the first quarter of 2022, (vi) Ascendis’ ability to apply its platform technology to build a leading, fully integrated biopharma company, (vii) Ascendis’ product pipeline and expansion into additional therapeutic areas and (viii) Ascendis’ expectations regarding its ability to utilize its TransCon technologies to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: dependence on third party manufacturers to supply SKYTROFA, the SKYTROFA® Auto-Injector and other study drug for commercial sales and clinical studies; unforeseen safety or efficacy results in its oncology programs, SKYTROFA, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to commercialization of SKYTROFA and the further development of SKYTROFA, expenses related to the development and potential commercialization of its oncology programs, TransCon PTH and TransCon CNP or other development programs, selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its oncology programs, SKYTROFA, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; Ascendis’ ability to obtain additional funding, if needed, to support its business activities and the effects on its business from the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on March 10, 2021 and Ascendis’ other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.

SKYTROFA, Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo and TransCon are trademarks owned by the Ascendis Pharma Group. © August 2021 Ascendis Pharma A/S.

FINANCIAL TABLES FOLLOW

Ascendis Pharma A/S              
Consolidated Statements of Profit or Loss and Comprehensive Income / (loss)              
(In EUR’000s, except share and per share data)              
               
  Three Months Ended June 30,   Six Months Ended June 30,
               
  2021     2020     2021     2020  
               
Revenue 1,022     1,436     1,767     3,661  
Research and development costs (83,306 )   (63,578 )   (171,455 )   (121,093 )
Selling, general and administrative expenses (35,345 )   (20,805 )   (72,591 )   (38,720 )
Operating profit / (loss) (117,629 )   (82,947 )   (242,279 )   (156,152 )
               
Share of profit / (loss) of associate (4,817 )   (1,885 )   23,289     (3,400 )
Finance income 145     86     23,268     1,996  
Finance expenses (12,141 )   (10,292 )   (1,703 )   (876 )
Profit / (loss) before tax (134,442 )   (95,038 )   (197,425 )   (158,432 )
               
Tax on profit / (loss) for the period 68     106     259     183  
Net profit / (loss) for the period (134,374 )   (94,932 )   (197,166 )   (158,249 )
               
Attributable to owners of the Company (134,374 )   (94,932 )   (197,166 )   (158,249 )
               
Basic and diluted earnings / (loss) per share € (2.50)   € (1.97)   € (3.66)   € (3.29)
               
Number of shares used for calculation (basic and diluted) 53,848,166     48,207,661     53,804,300     48,096,749  
               
               
               
Net profit / (loss) for the period (134,374 )   (94,932 )   (197,166 )   (158,249 )
Other comprehensive income / (loss)              
Items that may be reclassified subsequently to profit or loss:              
Exchange differences on translating foreign operations 77     (147 )   1,765     (61 )
Other comprehensive income / (loss) for the period, net of tax 77     (147 )   1,765     (61 )
               
Total comprehensive income / (loss) for the period, net of tax (134,297 )   (95,079 )   (195,401 )   (158,310 )
               
Attributable to owners of the Company (134,297 )   (95,079 )   (195,401 )   (158,310 )
               

Ascendis Pharma A/S        
Consolidated Statements of Financial Position        
(In EUR’000s)        
         
  June 30,   December 31,  
  2021   2020  
Assets        
Non-current assets        
Intangible assets 5,495   5,717  
Property, plant and equipment 123,924   108,112  
Investment in associate 45,783   9,176  
Deposits 1,702   1,375  
Marketable securities 90,693   115,280  
  267,597   239,660  
         
Current assets        
Trade receivables 394   387  
Other receivables 11,398   6,957  
Prepayments 21,826   13,994  
Marketable securities 166,094   134,278  
Cash and cash equivalents 384,539   584,517  
  584,251   740,133  
         
Total assets 851,848   979,793  
         
Equity and liabilities        
Equity        
Share capital 7,237   7,217  
Distributable equity 680,250   831,494  
Total equity 687,487   838,711  
         
Non-current liabilities        
Lease liabilities 94,059   85,116  
Other liabilities   3,162  
  94,059   88,278  
         
Current liabilities        
Lease liabilities 6,950   6,859  
Contract liabilities 145   363  
Trade payables and accrued expenses 44,207   21,897  
Other payables 18,623   23,384  
Income taxes payable 377   301  
  70,302   52,804  
         
Total liabilities 164,361   141,082  
         
Total equity and liabilities 851,848   979,793  
         

Investor contacts:

Tim Lee 
Ascendis Pharma
(650) 374-6343 
[email protected]
Media contact:
Melinda Baker
Ascendis Pharma
(650) 709-8875
[email protected] 
   
Patti Bank 
Westwicke Partners 
(415) 513-1284 
[email protected] 
[email protected]
 



BD Receives Emergency Use Authorization for First At-Home COVID-19 Test to Use Smartphone to Interpret, Deliver Results

– BD Veritor™ At-Home COVID-19 Test is Over-the-Counter, Rapid Antigen Test Using Scanwell Health Mobile App to Deliver Reliable Results in 15 Minutes

– Digitally Read Test Provides Clear Positive or Negative Confirmation of COVID-19 Status

PR Newswire

FRANKLIN LAKES, N.J., Aug. 25, 2021 /PRNewswire/ — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced today the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorization (EUA) for the BD Veritor At-Home COVID-19 Test — the first at-home COVID-19 rapid antigen test to use computer vision technology in a smartphone to interpret and provide a digital display of testing results. The test does not require a prescription, a laboratory or a long wait for results.

BD developed this new rapid, digitally read, lateral flow antigen self-test to make COVID-19 testing faster and easier for people to complete in the privacy and safety of their own homes. The test will initially be made available to businesses, schools and governments looking to provide a self-testing option for employees or students. The BD Veritor At-Home COVID-19 Test will use a simple, pain-free nasal swab and an easy-to-use mobile app from Scanwell Health that yields reliable test results in 15 minutes. The app is available on iOS and Android and provides step-by-step instructions on how to collect and transfer the nasal swab sample to the test stick. The mobile device’s camera is then used to capture, analyze and interpret the results, which eliminates the human subjectivity of a visually read test.

“The  rise in COVID-19 cases from the Delta variant has increased the demand for at-home testing, and the BD Veritor™ At-Home COVID-19 Test is an easy-to-use test with definitive digital results that is ideal for use in the home,” said Dave Hickey, president of Life Sciences for BD. “New mandates from governments and businesses are specifying the need for periodic testing for those who cannot or chose not to be vaccinated, and this new test may help businesses, governments or schools fulfill those requirements.”

The BD Veritor At-Home COVID-19 Test is designed to be easily performed at home by people 14 years of age or older, using Scanwell Health’s app to provide clear digital results in 15 minutes. The test can also be used for children as young as two years old with samples collected by an adult. The simple and straightforward testing experience includes a pain-free nasal swab, video instructions that guide users through each step and built-in timers so users can self-test with confidence.  

“Accessible, rapid testing is an important tool for preventing outbreaks and limiting the spread of the virus,” said Stephen Chen, founder and CEO of Scanwell Health. “With the Scanwell app that provides digital, shareable results, the BD Veritor™ At-Home COVID-19 Test empowers individuals with the fast, actionable insights needed to help keep people safe.”

For more information on the BD Veritor™ At-Home COVID-19 Test, please visit bdveritor.com.

About the BD Veritor At-Home COVID-19 Test
The BD Veritor™ At-Home COVID-19 Test has not been FDA cleared or approved; but has been authorized by FDA under EUA. This product has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens. The emergency use of this product is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of IVDs for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. § 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.

About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians’ care delivery process, enable laboratory scientists to accurately detect disease and advance researchers’ capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.

About Scanwell Health
Scanwell Health empowers health care consumers and companies through at-home medical testing with instant results. Scanwell pairs proven diagnostics with patented computer vision technology to put testing into the hands of people, enabling quick detection of acute illnesses and convenient monitoring of chronic diseases. The company is the first and only to receive FDA 510(k) clearance for an over-the-counter diagnostic smartphone application. Learn more at scanwellhealth.com.


Contacts:


Media


Investors:

Troy Kirkpatrick 

Kristen M. Stewart, CFA

VP, Public Relations  

SVP, Strategy & Investor Relations

858.617.2361  

201.847.5378   


[email protected] 


[email protected]  

Candace Kim

Scanwell Public Relations

775.233.7846


[email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bd-receives-emergency-use-authorization-for-first-at-home-covid-19-test-to-use-smartphone-to-interpret-deliver-results-301363030.html

SOURCE BD (Becton, Dickinson and Company)

AeroVironment, Inc. Schedules First Quarter Fiscal Year 2022 Earnings Release and Conference Call

AeroVironment, Inc. Schedules First Quarter Fiscal Year 2022 Earnings Release and Conference Call

ARLINGTON, Va.–(BUSINESS WIRE)–AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced it will issue financial results for the Company’s first quarter ended July 31, 2021 after the market closes on Wednesday, September 8, 2021. Management will host a conference call and live audio webcast to discuss the results at 4:30 p.m. Eastern Time that day.

Hosting the call to review results for the fiscal first quarter will be Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, senior vice president and chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations.

Conference Call Event Summary

Date: September 8, 2021

Time: 4:30 PM ET (1:30 PM PT, 2:30 PM MT, 3:30 PM CT)

Toll-free: (877) 561-2749

International: (678) 809-1029

Conference ID: 9298599

Investors with Internet access may listen to the live audio webcast via the Investor Relations section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

Audio Replay Options

An audio replay of the event will be archived on the Investor Relations section of the Company’s website at http://investor.avinc.com. The audio replay will also be available via telephone from Wednesday, September 8, 2021, at approximately 7:30 p.m. Eastern Time through Wednesday, September 15, 2021 at 7:30 p.m. Eastern Time. Dial (855) 859-2056 and enter the passcode 9298599. International callers should dial (404) 537-3406 and enter the same conference ID number to access the audio replay.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.

Jonah Teeter-Balin

+1 (805) 520-8350 x4278

https://investor.avinc.com/contact-us

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Technology Semiconductor Security Other Technology Aerospace Software Alternative Energy Manufacturing Energy Hardware

MEDIA:

Logo
Logo

Zuora Reports Second Quarter Fiscal 2022 Results

Zuora Reports Second Quarter Fiscal 2022 Results

Subscription revenue grew 23% year-over-year; total revenue grew 15% year-over-year

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
Zuora, Inc. (NYSE: ZUO), the leading cloud-based subscription management platform provider, today announced financial results for its fiscal second quarter ended July 31, 2021.

“I’m very pleased with our Q2 results. We once again delivered a strong quarter exceeding our guidance for operating metrics including total revenue, subscription revenue and non-GAAP loss from operations. The improvement in our dollar-based retention rate is a clear indicator that our multi-product, land-and-expand strategy is working. We feel well-positioned and positive about the future based on the overall momentum and execution we have seen this quarter,” said Tien Tzuo, founder and CEO of Zuora.

Second Quarter Fiscal 2022 Financial Results:

  • Revenue: Total revenue was $86.5 million, an increase of 15% year-over-year. Subscription revenue was $71.5 million, an increase of 23% year-over-year.
  • GAAP Loss from Operations: GAAP loss from operations was $23.0 million, compared to a loss of $21.5 million in the second quarter of fiscal 2021.
  • Non-GAAP Loss from Operations: Non-GAAP loss from operations was $3.9 million, compared to a non-GAAP loss from operations of $0.6 million in the second quarter of fiscal 2021.
  • GAAP Net Loss: GAAP net loss was $23.7 million, or 27% of revenue, compared to a net loss of $20.1 million, or 27% of revenue, in the second quarter of fiscal 2021. GAAP net loss per share was $0.19 based on 123.1 million weighted-average shares outstanding, compared to a net loss per share of $0.17 based on 116.8 million weighted-average shares outstanding in the second quarter of fiscal 2021.
  • Non-GAAP Net Loss: Non-GAAP net loss was $4.6 million, compared to a non-GAAP net income of $0.8 million in the second quarter of fiscal 2021. Non-GAAP net loss per share was $0.04 based on 123.1 million weighted-average shares outstanding, compared to a non-GAAP net income per share of $0.01 based on 116.8 million weighted-average shares outstanding in the second quarter of fiscal 2021.
  • Cash Flow: Net cash used in operating activities was $2.6 million, compared to net cash provided by operating activities of $3.8 million in the second quarter of fiscal 2021.
  • Free Cash Flow: Free cash flow was negative $4.4 million compared to negative $0.7 million in the second quarter of fiscal 2021.
  • Cash and Investments: Cash and cash equivalents and short-term investments were $200.9 million as of July 31, 2021.

A description of non-GAAP financial measures is contained in the section titled “Explanation of Non-GAAP Financial Measures” below and a reconciliation of GAAP and non-GAAP financial measures is contained in the tables below.

Key Metrics and Business Highlights:

  • Customers with ACV equal to or greater than $100,000 were 694, which represents 8% year-over-year growth.
  • Dollar-based retention rate was 108%, compared to 99% as of July 31, 2020.
  • Customer usage of Zuora solutions grew, with $18.0 billion in transaction volume through Zuora’s billing platform during our second quarter, an increase of 42% year-over-year.
  • Notable recent go-lives included HERE Technologies, Monster Worldwide and Xerox.
  • Highlighted customer GoPro’s subscription program hitting milestone moment of surpassing one million subscribers.
  • New customer logos included Daihatsu, Rev.com and Thales.

Financial Outlook:

As of August 25, 2021, we are providing guidance for the third quarter and full year fiscal 2022 based on current market conditions and expectations. We emphasize that the guidance is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below, including risks and uncertainties associated with the ongoing COVID-19 pandemic.

For the third quarter and full fiscal year 2022, Zuora currently expects the following results:

 

Third Quarter

 

Fiscal 2022

Subscription revenue

$71.0M – $72.0M

 

$280.0M – $282.0M

Total revenue

$86.0M – $87.0M

 

$340.0M – $342.0M

Non-GAAP loss from operations

($3.5M) – ($2.5M)

 

($13.0M) – ($11.0M)

Non-GAAP net loss per share¹

($0.03) – ($0.02)

 

($0.13) – ($0.11)

(1) Non-GAAP net loss per share was computed assuming 125.2 million and 124.3 million weighted-average shares outstanding for the third quarter and full year fiscal 2022, respectively.

These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Zuora has not reconciled its guidance for non-GAAP loss from operations to GAAP loss from operations or non-GAAP net loss per share to GAAP net loss per share because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Webcast and Conference Call Information:

Zuora will host a conference call for investors on August 25, 2021 at 5:00 p.m. Eastern Time to discuss the company’s financial results and business highlights. Investors are invited to listen to a live webcast of the conference call by visiting https://investor.zuora.com. A replay of the webcast will be available through August 24, 2022. The call can also be accessed live via phone by dialing (844) 484-8185 or, for international callers, (647) 689-5143 with conference ID 8086231. An audio replay will be available shortly after the call and can be accessed by dialing (800) 585-8367 or, for international callers, (416) 621-4642. The passcode for the replay is 8086231. The replay will be available through September 1, 2021.

Explanation of Non-GAAP Financial Measures:

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures, including non-GAAP cost of subscription revenue, non-GAAP cost of professional services revenue, non-GAAP gross profit, non-GAAP subscription gross margin, non-GAAP professional services gross margin, non-GAAP operating margin, non-GAAP total gross margin, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net (loss) income, non-GAAP net (loss) income per share, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance.

We exclude the following items from one or more of our non-GAAP financial measures:

  • Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, stock-based compensation expense is not comparable across companies given it is calculated using a variety of valuation methodologies and subjective assumptions.
  • Amortization of acquired intangible assets. We exclude amortization of acquired intangible assets, which is a non-cash expense, because we do not believe it has a direct correlation to the operation of our business.
  • Internal-use software. We exclude non-cash charges for impairments of internal-use software from certain of our non-GAAP financial measures. Impairment charges can vary significantly in terms of amount and timing and we do not consider these charges indicative of our current or past operating performance. Moreover, we believe that excluding the effects of these charges allows investors to make more meaningful comparisons between our operating results and those of other companies. Beginning in the second quarter of fiscal year 2022, we no longer exclude non-cash adjustments for capitalization and amortization of internal-use software from our non-GAAP financial measures. We believe that this change more closely aligns our reported financial measures with current industry practice.
  • Charitable donations. We exclude expenses associated with charitable donations of our common stock from certain of our non-GAAP financial measures. We believe that excluding these non-cash expenses allows investors to make more meaningful comparisons between our operating results and those of other companies.
  • Certain litigation. We exclude non-recurring charges and benefits, net of currently expected insurance recoveries, including litigation expenses and settlements, related to litigation matters that are outside of the ordinary course of our business. We believe these charges and benefits do not have a direct correlation to the operations of our business and may vary in size depending on the timing and results of such litigation and related settlements. We began excluding these non-recurring charges and benefits from our non-GAAP financial measures in the second quarter of fiscal 2021 as litigation expenses significantly increased, specifically relating to our ongoing securities class actions and derivative litigation.

Additionally, Zuora’s management believes that the free cash flow non-GAAP measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, net of insurance recoveries, as these net expenditures are considered to be a necessary component of ongoing operations. Insurance recoveries include amounts paid to us for property and equipment that were damaged in January 2020 at our corporate headquarters.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures.

Operating Metrics:

Annual Contract Value (ACV). We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions.

Dollar-based Retention Rate. We calculate our dollar-based retention rate as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate.

Forward-Looking Statements:

This press release contains “forward-looking statements” that involve a number of risks and uncertainties, including but not limited to, statements regarding our GAAP and non-GAAP guidance for the third fiscal quarter and full fiscal 2022 and financial outlook and market positioning. Words such as “believes,” “may,” “will,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on June 4, 2021 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the impact to the economy, our customers and our business due to the ongoing COVID-19 pandemic; we may be unable to attract new customers and expand sales to existing customers; we may not be able to manage our future growth effectively; the shift by companies to subscription business models may develop slower than we expect; we have a history of net losses and may not achieve or sustain profitability; we face intense competition in our markets and may not be able to compete effectively; our products may fail to gain market acceptance or our product development efforts may be unsuccessful; customers may fail to successfully deploy our solution after entering into a subscription agreement with us; we may not be able to develop and release new products and services, or successful enhancements, new features and modifications to our existing products and services; the risk of loss of key employees; our sales and product initiatives may not be successful or the expected benefits of such initiatives may not be achieved in a timely manner; challenges related to growing our relationships with strategic partners such as systems integrators and their effectiveness in selling our products; our security measures may be breached or our products may be perceived as not being secure; our products may fail to gain, or lose, market acceptance; we may experience interruptions or performance problems, including a service outage, associated with our technology; we may be unable to adequately protect our intellectual property; current and future litigation including our current shareholder litigation could have a material adverse impact on our financial condition; general political or destabilizing events, including war, conflict or acts of terrorism; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions, changes in foreign exchange rates; weakened global economic conditions may adversely affect our industry; and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Additionally, these forward-looking statements, particularly our guidance, involve risk, uncertainties and assumptions, including those related to the impact of the COVID-19 pandemic on our business and global economic conditions. Uncertainties that we may face include, but are not limited to, our ability to achieve our long-term plans and key initiatives, requests for extended billing and payment terms from customers affected by the COVID-19 pandemic, the timeframes for and severity of the impact of the pandemic on our customers’ purchasing and renewal decisions, and the length of our sales cycles, particularly for customers in certain industries highly affected by the pandemic.

About Zuora, Inc.

Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-revenue process across billing, collections and revenue recognition. Zuora serves more than 1,000 companies around the world, including Box, Ford, Penske Media Corporation, Schneider Electric, Siemens, Xplornet and Zoom. Headquartered in Silicon Valley, Zuora also operates offices around the world in the U.S., EMEA and APAC. To learn more about the Zuora platform, please visit www.zuora.com.

© 2021 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, and Subscription Economy Index are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release.

SOURCE: Zuora Financial

ZUORA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands, except per share data)

(unaudited)

 

Three Months Ended

July 31,

 

Six Months Ended

July 31,

 

2021

 

2020

 

2021

 

2020

Revenue:

 

 

 

 

 

 

 

Subscription

$

71,498

 

 

 

$

58,312

 

 

 

$

136,640

 

 

 

$

115,208

 

 

Professional services

14,989

 

 

 

16,677

 

 

 

30,176

 

 

 

33,679

 

 

Total revenue

86,487

 

 

 

74,989

 

 

 

166,816

 

 

 

148,887

 

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription

17,268

 

 

 

14,401

 

 

 

32,911

 

 

 

28,016

 

 

Professional services

18,724

 

 

 

18,674

 

 

 

35,802

 

 

 

37,356

 

 

Total cost of revenue

35,992

 

 

 

33,075

 

 

 

68,713

 

 

 

65,372

 

 

Gross profit

50,495

 

 

 

41,914

 

 

 

98,103

 

 

 

83,515

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

20,860

 

 

 

19,427

 

 

 

39,827

 

 

 

36,970

 

 

Sales and marketing

36,261

 

 

 

28,608

 

 

 

68,126

 

 

 

57,104

 

 

General and administrative

16,376

 

 

 

15,383

 

 

 

30,561

 

 

 

28,648

 

 

Total operating expenses

73,497

 

 

 

63,418

 

 

 

138,514

 

 

 

122,722

 

 

Loss from operations

(23,002

)

 

 

(21,504

)

 

 

(40,411

)

 

 

(39,207

)

 

Interest and other (expense) income, net

(453

)

 

 

1,936

 

 

 

(332

)

 

 

2,314

 

 

Loss before income taxes

(23,455

)

 

 

(19,568

)

 

 

(40,743

)

 

 

(36,893

)

 

Income tax provision

238

 

 

 

554

 

 

 

611

 

 

 

717

 

 

Net loss

(23,693

)

 

 

(20,122

)

 

 

(41,354

)

 

 

(37,610

)

 

Comprehensive loss:

 

 

 

 

 

 

 

Foreign currency translation adjustment

(174

)

 

 

338

 

 

 

(259

)

 

 

(89

)

 

Unrealized (loss) gain on available-for-sale securities

 

 

 

(74

)

 

 

(34

)

 

 

83

 

 

Comprehensive loss

$

(23,867

)

 

 

$

(19,858

)

 

 

$

(41,647

)

 

 

$

(37,616

)

 

Net loss per share, basic and diluted

$

(0.19

)

 

 

$

(0.17

)

 

 

$

(0.34

)

 

 

$

(0.32

)

 

Weighted-average shares outstanding used in calculating net loss per share, basic and diluted

123,134

 

 

 

116,838

 

 

 

122,259

 

 

 

115,998

 

 

ZUORA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

July 31, 2021

 

January 31, 2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

104,589

 

 

 

$

94,110

 

 

Short-term investments

96,316

 

 

 

92,484

 

 

Accounts receivable, net

56,239

 

 

 

78,860

 

 

Deferred commissions, current portion

13,085

 

 

 

12,712

 

 

Prepaid expenses and other current assets

18,842

 

 

 

15,574

 

 

Total current assets

289,071

 

 

 

293,740

 

 

Property and equipment, net

31,195

 

 

 

33,369

 

 

Operating lease right-of-use assets

46,248

 

 

 

47,085

 

 

Purchased intangibles, net

4,560

 

 

 

3,928

 

 

Deferred commissions, net of current portion

21,505

 

 

 

21,905

 

 

Goodwill

17,632

 

 

 

17,632

 

 

Other assets

3,414

 

 

 

3,848

 

 

Total assets

$

413,625

 

 

 

$

421,507

 

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,720

 

 

 

$

2,249

 

 

Accrued expenses and other current liabilities

14,749

 

 

 

14,550

 

 

Accrued employee liabilities

27,382

 

 

 

29,470

 

 

Debt, current portion

3,882

 

 

 

4,397

 

 

Deferred revenue, current portion

118,920

 

 

 

127,701

 

 

Operating lease liabilities, current portion

10,883

 

 

 

9,630

 

 

Total current liabilities

179,536

 

 

 

187,997

 

 

Debt, net of current portion

 

 

 

1,666

 

 

Deferred revenue, net of current portion

1,107

 

 

 

1,529

 

 

Operating lease liabilities, net of current portion

50,794

 

 

 

53,590

 

 

Deferred tax liabilities

1,928

 

 

 

1,929

 

 

Other long-term liabilities

2,918

 

 

 

2,883

 

 

Total liabilities

236,283

 

 

 

249,594

 

 

Stockholders’ equity:

 

 

 

Class A common stock

12

 

 

 

11

 

 

Class B common stock

1

 

 

 

1

 

 

Additional paid-in capital

682,202

 

 

 

635,127

 

 

Accumulated other comprehensive income

503

 

 

 

796

 

 

Accumulated deficit

(505,376

)

 

 

(464,022

)

 

Total stockholders’ equity

177,342

 

 

 

171,913

 

 

Total liabilities and stockholders’ equity

$

413,625

 

 

 

$

421,507

 

 

ZUORA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

Six Months Ended July 31,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(41,354

)

 

 

$

(37,610

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation, amortization and accretion

8,496

 

 

 

7,147

 

 

Stock-based compensation

31,866

 

 

 

29,160

 

 

Provision for credit losses

1,368

 

 

 

1,744

 

 

Donation of common stock to charitable foundation

1,000

 

 

 

1,000

 

 

Amortization of deferred commissions

7,859

 

 

 

5,455

 

 

Reduction in carrying amount of right-of-use assets

4,760

 

 

 

4,229

 

 

Other

426

 

 

 

181

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

21,253

 

 

 

18,704

 

 

Prepaid expenses and other assets

(3,216

)

 

 

716

 

 

Deferred commissions

(8,193

)

 

 

(5,571

)

 

Accounts payable

1,513

 

 

 

(1,887

)

 

Accrued expenses and other liabilities

51

 

 

 

(1,073

)

 

Accrued employee liabilities

(2,088

)

 

 

2,068

 

 

Deferred revenue

(9,203

)

 

 

(12,747

)

 

Operating lease liabilities

(6,910

)

 

 

(4,725

)

 

Net cash provided by operating activities

7,628

 

 

 

6,791

 

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(3,697

)

 

 

(9,950

)

 

Insurance proceeds for damaged property and equipment

344

 

 

 

250

 

 

Purchase of intangible assets

(1,349

)

 

 

 

 

Purchases of short-term investments

(53,650

)

 

 

(24,376

)

 

Sales of short-term investments

 

 

 

2,511

 

 

Maturities of short-term investments

49,492

 

 

 

79,205

 

 

Net cash (used in) provided by investing activities

(8,860

)

 

 

47,640

 

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of common stock upon exercise of stock options, net of repurchases of unvested common stock

10,187

 

 

 

7,989

 

 

Proceeds from issuance of common stock under employee stock purchase plan

4,005

 

 

 

4,214

 

 

Principal payments on long-term debt

(2,222

)

 

 

(2,220

)

 

Net cash provided by financing activities

11,970

 

 

 

9,983

 

 

Effect of exchange rates on cash and cash equivalents

(259

)

 

 

(89

)

 

Net increase in cash and cash equivalents

10,479

 

 

 

64,325

 

 

Cash and cash equivalents, beginning of period

94,110

 

 

 

54,275

 

 

Cash and cash equivalents, end of period

$

104,589

 

 

 

$

118,600

 

 

ZUORA, INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(in thousands, except percentages and per share data)

(unaudited)

 

Three Months Ended July 31, 20211

 

GAAP

 

Stock-based

Compensation

 

Amortization of

Acquired

Intangibles

 

Charitable

Contribution

 

Certain

Litigation

 

Non-GAAP

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription revenue

$

17,268

 

 

$

(1,534

)

 

 

$

(519

)

 

 

$

 

 

 

$

 

 

 

$

15,215

 

Cost of professional services revenue

18,724

 

 

(2,664

)

 

 

 

 

 

 

 

 

 

 

 

16,060

 

Gross profit

50,495

 

 

4,198

 

 

 

519

 

 

 

 

 

 

 

 

 

55,212

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

20,860

 

 

(5,243

)

 

 

 

 

 

 

 

 

 

 

 

15,617

 

Sales and marketing

36,261

 

 

(5,615

)

 

 

 

 

 

 

 

 

 

 

 

30,646

 

General and administrative

16,376

 

 

(3,013

)

 

 

 

 

 

(1,000

)

 

 

526

 

 

 

12,889

 

Loss from operations

(23,002

)

 

18,069

 

 

 

519

 

 

 

1,000

 

 

 

(526

)

 

 

(3,940

)

Net loss

$

(23,693

)

 

$

18,069

 

 

 

$

519

 

 

 

$

1,000

 

 

 

$

(526

)

 

 

$

(4,631

)

Net loss per share, basic and diluted²

$

(0.19

)

 

 

 

 

 

 

 

 

 

$

(0.04

)

Gross margin

58

%

 

 

 

 

 

 

 

 

 

64

%

Subscription gross margin

76

%

 

 

 

 

 

 

 

 

 

79

%

Professional services gross margin

(25

)%

(7

)%

Operating margin

(27

)%

(5

)%

 

Three Months Ended July 31, 20201

 

GAAP

 

Stock-based

Compensation

 

Amortization of

Acquired

Intangibles

 

Charitable

Contribution

 

Certain

Litigation

 

Non-GAAP

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription revenue

$

14,401

 

 

$

(1,465

)

 

 

$

(423

)

 

 

$

 

 

 

$

 

 

 

$

12,513

 

Cost of professional services revenue

18,674

 

 

(3,132

)

 

 

 

 

 

 

 

 

 

 

 

15,542

 

Gross profit

41,914

 

 

4,597

 

 

 

423

 

 

 

 

 

 

 

 

 

46,934

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

19,427

 

 

(5,945

)

 

 

 

 

 

 

 

 

 

 

 

13,482

 

Sales and marketing

28,608

 

 

(4,848

)

 

 

 

 

 

 

 

 

 

 

 

23,760

 

General and administrative

15,383

 

 

(2,886

)

 

 

 

 

 

(1,000

)

 

 

(1,235

)

 

 

10,262

 

Loss from operations

(21,504

)

 

18,276

 

 

 

423

 

 

 

1,000

 

 

 

1,235

 

 

 

(570

)

Net (loss) income

$

(20,122

)

 

$

18,276

 

 

 

$

423

 

 

 

$

1,000

 

 

 

$

1,235

 

 

 

$

812

 

Net (loss) income per share, basic and diluted²

$

(0.17

)

 

 

 

 

 

 

 

 

 

$

0.01

 

Gross margin

56

%

 

 

 

 

 

 

 

 

 

63

%

Subscription gross margin

75

%

 

 

 

 

 

 

 

 

 

79

%

Professional services gross margin

(12

)%

7

%

Operating margin

(29

)%

(1

)%

(1) Beginning with the second quarter ended July 31, 2021, we no longer exclude non-cash adjustments for capitalization and amortization of internal-use software from our non-GAAP financial measures. Our non-GAAP financial measures for the three months ended July 31, 2020 were recast to conform to the updated methodology for comparison purposes. For the three months ended July 31, 2021 and 2020, we did not have any non-cash charges for impairments of internal-use software.

(2) GAAP and Non-GAAP net (loss) income per share are calculated based upon 123,134 and 116,838 basic and diluted weighted-average shares of common stock for the three months ended July 31, 2021 and 2020, respectively.

ZUORA, INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

(in thousands, except percentages and per share data)

(unaudited)

 

Six Months Ended July 31, 20211

 

GAAP

 

Stock-based

Compensation

 

Amortization of

Acquired

Intangibles

 

Charitable

Contribution

 

Certain

Litigation

 

Non-GAAP

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription revenue

$

32,911

 

 

$

(2,577

)

 

 

$

(942

)

 

 

$

 

 

 

$

 

 

 

$

29,392

 

Cost of professional services revenue

35,802

 

 

(4,665

)

 

 

 

 

 

 

 

 

 

 

 

31,137

 

Gross profit

98,103

 

 

7,242

 

 

 

942

 

 

 

 

 

 

 

 

 

106,287

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

39,827

 

 

(9,772

)

 

 

 

 

 

 

 

 

 

 

 

30,055

 

Sales and marketing

68,126

 

 

(9,695

)

 

 

 

 

 

 

 

 

 

 

 

58,431

 

General and administrative

30,561

 

 

(5,157

)

 

 

 

 

 

(1,000

)

 

 

(283

)

 

 

24,121

 

Loss from operations

(40,411

)

 

31,866

 

 

 

942

 

 

 

1,000

 

 

 

283

 

 

 

(6,320

)

Net loss

$

(41,354

)

 

$

31,866

 

 

 

$

942

 

 

 

$

1,000

 

 

 

$

283

 

 

 

$

(7,263

)

Net loss per share, basic and diluted²

$

(0.34

)

 

 

 

 

 

 

 

 

 

$

(0.06

)

Gross margin

59

%

 

 

 

 

 

 

 

 

 

64

%

Subscription gross margin

76

%

 

 

 

 

 

 

 

 

 

78

%

Professional services gross margin

(19

)%

 (3

)%

Operating margin

(24

)%

 (4

)%

 

Six Months Ended July 31, 20201

 

GAAP

 

Stock-based

Compensation

 

Amortization of

Acquired

Intangibles

 

Charitable

Contribution

 

Certain

Litigation

 

Non-GAAP

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription revenue

$

28,016

 

 

$

(2,317

)

 

 

$

(846

)

 

 

$

 

 

 

$

 

 

 

$

24,853

 

Cost of professional services revenue

37,356

 

 

(4,782

)

 

 

 

 

 

 

 

 

 

 

 

32,574

 

Gross profit

83,515

 

 

7,099

 

 

 

846

 

 

 

 

 

 

 

 

 

91,460

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

36,970

 

 

(9,487

)

 

 

 

 

 

 

 

 

 

 

 

27,483

 

Sales and marketing

57,104

 

 

(7,853

)

 

 

 

 

 

 

 

 

 

 

 

49,251

 

General and administrative

28,648

 

 

(4,721

)

 

 

 

 

 

(1,000

)

 

 

(1,235

)

 

 

21,692

 

Loss from operations

(39,207

)

 

29,160

 

 

 

846

 

 

 

1,000

 

 

 

1,235

 

 

 

(6,966

)

Net loss

$

(37,610

)

 

$

29,160

 

 

 

$

846

 

 

 

$

1,000

 

 

 

$

1,235

 

 

 

$

(5,369

)

Net loss per share, basic and diluted²

$

(0.32

)

 

 

 

 

 

 

 

 

 

$

(0.05

)

Gross margin

56

%

 

 

 

 

 

 

 

 

 

61

%

Subscription gross margin

76

%

 

 

 

 

 

 

 

 

 

78

%

Professional services gross margin

(11

)%

 3

%

Operating margin

(26

)%

 (5

)%

(1) Beginning with the second quarter ended July 31, 2021, we no longer exclude non-cash adjustments for capitalization and amortization of internal-use software from our non-GAAP financial measures. Our non-GAAP financial measures for the six months ended July 31, 2020 were recast to conform to the updated methodology for comparison purposes. For the six months ended July 31, 2021 and 2020, we did not have any non-cash charges for impairments of internal-use software.

(2) GAAP and Non-GAAP net loss per share are calculated based upon 122,259 and 115,998 basic and diluted weighted-average shares of common stock for the six months ended July 31, 2021 and 2020, respectively.

ZUORA, INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)

(in thousands)

(unaudited)

Free Cash Flow

 

Three Months Ended July 31,

 

2021

 

2020

Net cash (used in) provided by operating activities

$

(2,623

)

 

 

$

3,840

 

 

Less:

 

 

 

Purchases of property and equipment, net of insurance recoveries

(1,732

)

 

 

(4,580

)

 

Free cash flow

$

(4,355

)

 

 

$

(740

)

 

 

Investor Relations Contact:

Luana Wolk

[email protected]

650-419-1377

Media Relations Contact:

Margaret Pack

[email protected]

312-826-6529

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Technology Mobile/Wireless Public Relations/Investor Relations Communications Software Networks Internet Data Management Consumer Electronics

MEDIA:

Logo
Logo

NextEra Energy Partners, LP completes acquisition of previously announced approximately 400-megawatt portfolio of long-term contracted wind assets

PR Newswire

JUNO BEACH, Fla., Aug. 25, 2021 /PRNewswire/ — NextEra Energy Partners, LP (NYSE: NEP) announced that it has completed its previously announced acquisition of a 391-megawatt (MW) portfolio of four operating wind assets located in California and New Hampshire.

“The completion of this transaction demonstrates NextEra Energy Partners’ continued ability to execute its long-term growth plan,” said Jim Robo, chairman and chief executive officer. “This portfolio is an attractive acquisition for NextEra Energy Partners and is supported by our ability to leverage NextEra Energy Resources’ best-in-class operating platform to reduce costs and create value for LP unitholders. The approximately 400 megawatts of long-term contracted wind projects with high-credit-quality customers are well-situated in markets with expected long-term renewables demand, which provides incremental optionality to NextEra Energy Partners with this investment in the future. NextEra Energy Partners remains on a trajectory to grow our LP distributions per unit by 12% to 15% through 2024, and we believe the partnership has never been better positioned to deliver unitholder value going forward.”

The portfolio is comprised of four wind generation facilities, totaling 391 MW. Almost all of the portfolio’s capacity is contracted with investment-grade counterparties and a cash available for distribution-weighted remaining contract life of approximately 13 years at the time of closing. The assets are located in markets with expected long-term renewables demand, supporting potential re-contracting or repowering opportunities after the initial contract terms. The assets included are:

  • Alta Wind VIII, 150-MW wind generating facility in California.
  • Windstar,120-MW wind generating facility in California.
  • Coram, 22-MW wind generating facility in California.
  • Granite, 99-MW wind generating facility in New Hampshire.

NextEra Energy Partners, LP

NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.

Cautionary Statements and Risk Factors That May Affect Future Results 

This news release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP’s control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP’s future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP’s actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP’s ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; Operation and maintenance of renewable energy projects and pipelines involve significant risks that could result in unplanned power outages, reduced output or capacity, personal injury or loss of life; NEP’s business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the repowering of wind projects and the expansion of natural gas pipelines that will require up-front capital expenditures and expose NEP to project development risks; Terrorist acts, cyberattacks or other similar events could impact NEP’s projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP’s insurance coverage does not provide protection against all significant losses; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP’s projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP’s business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP’s cost of operations and affect or limit its business plans; NEP’s renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities’ ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP’s rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP’s cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership interests in projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the energy production by or availability of NEP’s renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP’s growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP’s pipeline operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP’s growth strategy; NEP’s growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP’s more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP’s business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and pursue other growth opportunities; Restrictions in NEP and its subsidiaries’ financing agreements could adversely affect NEP’s business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP’s cash distributions to its unitholders may be reduced as a result of restrictions on NEP’s subsidiaries’ cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP’s subsidiaries’ substantial amount of indebtedness may adversely affect NEP’s ability to operate its business, and its failure to comply with the terms of its subsidiaries’ indebtedness could have a material adverse effect on NEP’s financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE has influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP’s subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP’s subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NextEra Energy Operating Partners, LP (NEP OpCo). NEP’s financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER’s performance of its obligations to return all or a portion of these funds; NEER’s right of first refusal may adversely affect NEP’s ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain limited circumstances; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP’s arrangements with NEE limit NEE’s potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP’s ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP’s distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP’s units may be subject to voting restrictions; NEP’s partnership agreement replaces the fiduciary duties that NEP GP and NEP’s directors and officers might have to holders of its common units with contractual standards governing their duties and the NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP’s partnership agreement restricts the remedies available to holders of NEP’s common units for actions taken by NEP’s directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP’s actions require the consent of NEP GP; Holders of NEP’s common units currently cannot remove NEP GP without NEE’s consent and provisions in NEP’s partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable; NEE’s interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP’s behalf will reduce cash distributions from NEP OpCo and from NEP to NEP’s unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Increases in interest rates could adversely impact the price of NEP’s common units, NEP’s ability to issue equity or incur debt for acquisitions or other purposes and NEP’s ability to make cash distributions to its unitholders; The liability of holders of NEP’s units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP’s business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; The issuance of securities convertible into, or settleable with, common units may affect the market price for NEP’s common units, will dilute common unitholders’ ownership in NEP and may decrease the amount of cash available for distribution for each common unit; NEP’s future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP’s tax positions; NEP’s ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP’s tax decisions; Distributions to unitholders may be taxable as dividends; and, The coronavirus pandemic may have a material adverse impact on NEP’s business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2020 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/nextera-energy-partners-lp-completes-acquisition-of-previously-announced-approximately-400-megawatt-portfolio-of-long-term-contracted-wind-assets-301363006.html

SOURCE NextEra Energy Partners, LP

Pure Storage Announces Second Quarter Fiscal 2022 Financial Results

Total Q2 revenue grows 23% year-over-year

Subscription Services revenue up 31% year-over-year

Raised FY22 revenue outlook to $2.04 Billion

PR Newswire

MOUNTAIN VIEW, Calif., Aug. 25, 2021 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as-a-service in a multi-cloud world, announced financial results for its fiscal second quarter ended August 1, 2021.

“With revenue growth exceeding 23%, and the highest Q2 operating profit in our history, it’s clear that our long-term strategy to provide customers with modern data services is working,” said Charles Giancarlo, Chairman and CEO, Pure Storage. “We are in a great innovation cycle with our portfolio and our sales momentum and execution have never been stronger.”

Second Quarter Financial Highlights 

  • Revenue $496.8 million, up 23% year-over-year
  • Subscription services revenue $171.9 million, up 31% year-over-year
  • GAAP gross margin 68.4%; non-GAAP gross margin 70.5%
  • GAAP operating loss $(33.9) million; non-GAAP operating income $46.6 million
  • GAAP operating margin (6.8)%; non-GAAP operating margin 9.4%
  • Operating cash flow $123.4 million; free cash flow $95.7 million
  • Total cash and investments $1.3 billion
  • Deferred revenue $909.8 million, up 26% year-over-year
  • Remaining performance obligations (RPO) $1.2 billion, up 25% year-over-year

“Our outstanding financial performance this quarter reflected strong sales execution and our long standing practice of providing leading edge solutions and best-in-class services to our customers,” said Kevan Krysler, CFO, Pure Storage. “We saw strength from both our enterprise and commercial customers across our entire solutions portfolio.”

Second Quarter Company Highlights and Achievements

  • Industry Accolades: FlashArray was named a Gartner Peer Insights Customers’ Choice for Primary Storage Arrays. Pure was named a Kubernetes storage leader in two GigaOm Radar Reports and recognized as leader in Enterprise Flash Array Storage and Object Storage categories by TrustRadius for the second consecutive year. 
  • Pure achieved the highest total sales for any second quarter in the history of the company, growing more than 30% year-over-year.
  • The company saw continued strength and momentum in Subscription Services revenue, up 31% year-over-year with strong growth in Pure as-a-Service, which almost doubled revenues compared to the prior year.
  • Success in the large enterprise segment continues to grow, comprising over 50% of sales, with the top 10 customers spending more than $100 million in total.

Pure will host its next Financial Analyst Day on Tuesday, September 28, 2021, beginning at 10:00 am PT / 1:00 pm ET. The event has changed from in-person to live webcast and will feature presentations by Pure’s executive leadership team, followed by a live Q&A session.

Details:

The replay of the event and associated presentation materials will also be available at investor.purestorage.com for at least 90 days following the completion of the event.

Third Quarter and FY22 Guidance


Q3 FY22


FY22


Revenue

$530 million

$2.04 billion


Non-GAAP Operating Income

$40 million

$150 million

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income to the most directly comparable GAAP measure because certain items that impact this measure are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, a reconciliation of this non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

Conference Call Information

Pure will host a teleconference to discuss the second quarter fiscal 2022 results at 1:30 pm PT today, August 25, 2021. A live audio broadcast of the conference call will be available at the Pure Storage Investor Relations website, investor.purestorage.com. Pure will also post its earnings presentation to this website in advance of the call and post its prepared remarks to this website within 24 hours of completion of the call. A replay will be available following the call on the Pure Storage Investor Relations website and in addition, for two weeks at (800) 585-8367 (or 416-621-4642 for international callers) with passcode 5535534.

Upcoming Events

Pure is scheduled to participate virtually at the following investor conference:

Deutsche Bank Technology Conference 2021
Date: Friday, September 10, 2021
Pure Presenters: Charles Giancarlo, Chairman and CEO, Kevan Krysler, CFO and Rob Lee, CTO
Pure Participants: Sanjot Khurana, VP of Investor Relations

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.

About Pure Storage

Pure Storage gives technologists their time back. Pure delivers a modern data experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure’s ever-expanding list of customers are among the happiest in the world.

Analyst Recognition

Pure Storage has been named a Leader in the 2020 Gartner Magic Quadrant for Primary Storage Arrays.

Connect with Pure


Blog
 
LinkedIn
Twitter 
Facebook

Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Trademark List at www.purestorage.com/legal/productenduserinfo.html are trademarks of Pure Storage, Inc. Other names are trademarks of their respective owners. 

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period financial results, our continued momentum and growth potential, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, supply chain, financial results and the economy, our expectations regarding product and technology differentiation, including our new offerings, strategy and adoption of subscription services, growing customer adoption, the continued success of the Portworx technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended January 31, 2021. All information provided in this release and in the attachments is as of August 25, 2021, and Pure undertakes no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs related to long-term debt, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring activities, and expenses directly related to the COVID-19 pandemic that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

 

 


PURE STORAGE, INC.


Condensed Consolidated Balance Sheets


(in thousands, unaudited)


At the End of


Second Quarter of
Fiscal 2022


Fiscal 2021


Assets

Current assets:

Cash and cash equivalents

$

340,252

$

337,147

Marketable securities

944,285

916,388

Accounts receivable, net of allowance of $960 and $1,033

358,460

460,879

Inventory

47,169

46,733

Deferred commissions, current

58,003

57,183

Prepaid expenses and other current assets

111,390

89,836

Total current assets

1,859,559

1,908,166

Property and equipment, net

184,048

163,041

Operating lease right-of-use-assets

122,638

134,668

Deferred commissions, non-current

137,962

130,741

Intangible assets, net

68,279

76,648

Goodwill

358,736

358,736

Restricted cash

10,544

10,544

Other assets, non-current

41,918

36,896

Total assets

$

2,783,684

$

2,819,440


Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

54,686

$

67,530

Accrued compensation and benefits

126,589

160,817

Accrued expenses and other liabilities

53,043

61,754

Operating lease liabilities, current

34,482

32,231

Deferred revenue, current

485,927

438,321

Total current liabilities

754,727

760,653

Long-term debt

770,662

755,814

Operating lease liabilities, non-current

106,693

120,361

Deferred revenue, non-current

423,887

405,376

Other liabilities, non-current

30,271

27,230

Total liabilities

2,086,240

2,069,434

Stockholders’ equity:

Common stock and additional paid-in capital

2,388,446

2,307,608

Accumulated other comprehensive income

3,481

7,410

Accumulated deficit

(1,694,483)

(1,565,012)

Total stockholders’ equity

697,444

750,006

Total liabilities and stockholders’ equity

$

2,783,684

$

2,819,440

 

 


PURE STORAGE, INC.


Condensed Consolidated Statements of Operations


(in thousands, except per share data, unaudited)


Second Quarter of Fiscal


First Two Quarters of Fiscal


2022


2021


2022


2021

Revenue:

Product

$

324,935

$

272,309

$

574,823

$

519,248

Subscription services

171,896

131,414

334,715

251,594

Total revenue

496,831

403,723

909,538

770,842

Cost of revenue:

Product (1)

101,150

84,731

180,214

154,016

Subscription services(1)

55,654

44,266

107,431

85,275

Total cost of revenue

156,804

128,997

287,645

239,291

Gross profit

340,027

274,726

621,893

531,551

Operating expenses:

Research and development (1)

140,107

114,652

271,488

227,098

Sales and marketing (1)

190,386

171,434

373,882

344,867

General and administrative (1)

43,464

44,471

86,610

85,596

Restructuring and other (2)

8,288

22,990

Total operating expenses

373,957

338,845

731,980

680,551

Loss from operations

(33,930)

(64,119)

(110,087)

(149,000)

Other income (expense), net

(7,410)

1,603

(12,137)

(1,813)

Loss before provision for income taxes

(41,340)

(62,516)

(122,224)

(150,813)

Income tax provision

3,925

2,451

7,247

4,748

Net loss

$

(45,265)

$

(64,967)

$

(129,471)

$

(155,561)

Net loss per share attributable to common
stockholders, basic and diluted

$

(0.16)

$

(0.25)

$

(0.46)

$

(0.59)

Weighted-average shares used in computing net
loss per share attributable to common stockholders,
basic and diluted

283,931

264,799

282,147

263,867

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product

$

1,566

$

990

$

2,913

$

1,986

Cost of revenue — subscription services

5,137

3,686

9,543

7,078

Research and development

35,125

29,839

65,546

58,550

Sales and marketing

18,358

16,848

35,166

33,120

General and administrative

10,243

10,089

18,595

19,412

Total stock-based compensation expense

$

70,429

$

61,452

$

131,763

$

120,146

(2) Includes expenses related to restructuring and incremental expenses directly related to COVID-19

 

 


PURE STORAGE, INC.


Condensed Consolidated Statements of Cash Flows


(in thousands, unaudited)


Second Quarter of Fiscal


First Two Quarters of Fiscal


2022


2021


2022


2021


Cash flows from operating activities

Net loss

$

(45,265)

$

(64,967)

$

(129,471)

$

(155,561)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

19,273

16,464

38,099

31,597

Amortization of debt discount and debt issuance costs

7,751

7,189

15,154

14,125

Stock-based compensation expense

70,429

61,452

131,763

120,146

Impairment of long-lived assets

7,505

7,505

Other

3,895

267

6,516

1,972

Changes in operating assets and liabilities:

Accounts receivable, net

(30,874)

(17,545)

102,506

91,896

Inventory

266

3,105

(3,242)

1,735

Deferred commissions

(10,090)

(2,324)

(8,041)

(5,483)

Prepaid expenses and other assets

5,452

(20,091)

(24,955)

(26,389)

Operating lease right-of-use assets

7,237

7,475

14,818

14,181

Accounts payable

15,087

(6,796)

(9,267)

(21,090)

Accrued compensation and other liabilities

43,885

46,426

(40,952)

(3,217)

Operating lease liabilities

(7,308)

(6,145)

(14,205)

(13,071)

Deferred revenue

43,654

18,691

66,117

27,463

Net cash provided by operating activities

123,392

50,706

144,840

85,809


Cash flows from investing activities

Purchases of property and equipment

(27,670)

(24,994)

(55,499)

(48,776)

Purchases of marketable securities

(145,808)

(193,076)

(317,371)

(291,237)

Sales of marketable securities

28,501

73,694

114,038

91,351

Maturities of marketable securities

104,030

110,799

169,770

206,174

Net cash used in investing activities

(40,947)

(33,577)

(89,062)

(42,488)


Cash flows from financing activities

Net proceeds from exercise of stock options

3,147

12,383

11,163

21,658

Proceeds from issuance of common stock under employee stock purchase plan

17,726

16,021

Proceeds from borrowings

4,950

Repayments of borrowings

(261)

(605)

Tax withholding on vesting of equity awards

(1,514)

(1,467)

(6,564)

(2,841)

Repurchases of common stock

(44,373)

(20,024)

(74,393)

(90,143)

Net cash used in financing activities

(43,001)

(9,108)

(52,673)

(50,355)

Net increase (decrease) in cash, cash equivalents and restricted cash

39,444

8,021

3,105

(7,034)

Cash, cash equivalents and restricted cash, beginning of period

311,352

362,867

347,691

377,922

Cash, cash equivalents and restricted cash, end of period

$

350,796

$

370,888

$

350,796

$

370,888

 

 

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):


Second Quarter of Fiscal 2022


Second Quarter of Fiscal 2021


GAAP


results


GAAP


gross


margin (a)


Adjustment


Non-


GAAP


results


Non-


GAAP


gross


margin (b)


GAAP


results


GAAP


gross


margin (a)


Adjustment


Non-


GAAP


results


Non-


GAAP


gross


margin (b)

$

1,566

(c)

$

990

(c)

63

(d)

15

(d)

297

(e)

3,067

(f)

2,003

(f)


Gross profit —
product

$

223,785

68.9

%

$

4,696

$

228,481

70.3

%

$

187,578

68.9

%

$

3,305

$

190,883

70.1

%

$

5,137

(c)

$

3,686

(c)

196

(d)

47

(d)

24

(g)


Gross profit —
subscription
services

$

116,242

67.6

%

$

5,357

$

121,599

70.7

%

$

87,148

66.3

%

$

3,733

$

90,881

69.2

%

$

6,703

(c)

$

4,676

(c)

259

(d)

62

(d)

297

(e)

3,067

(f)

2,003

(f)

24

(g)


Total gross
profit

$

340,027

68.4

%

$

10,053

$

350,080

70.5

%

$

274,726

68.0

%

$

7,038

$

281,764

69.8

%

 

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate hazard pay premiums directly related to COVID-19 pandemic.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate payments to former shareholders of acquired company.

 

 

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):


Second Quarter of Fiscal 2022


Second Quarter of Fiscal 2021


GAAP


results


GAAP


operating


margin (a)


Adjustment


Non-


GAAP


results


Non-


GAAP


operating


margin (b)


GAAP


results


GAAP


operating


margin (a)


Adjustment


Non-


GAAP


results


Non-


GAAP


operating


margin (b)

$

70,429

(c)

$

61,452

(c)

4,229

(d)

2,009

(d)

2,081

(e)

1,259

(e)

306

(f)

8,279

(g)

3,600

(h)

2,003

(h)

171

(i)


Operating
Income (loss)

$

(33,930)

-6.8

%

$

80,510

$

46,580

9.4

%

$

(64,119)

-15.9

%

$

75,308

$

11,189

2.8

%

$

70,429

(c)

$

61,452

(c)

4,229

(d)

2,009

(d)

2,081

(e)

1,259

(e)

306

(f)

8,279

(g)

3,600

(h)

2,003

(h)

171

(i)

7,751

(j)

7,189

(j)


Net income (loss)

$

(45,265)

$

88,261

$

42,996

$

(64,967)

$

82,497

$

17,530


Net income
(loss) per
share — diluted

$

(0.16)

$

0.14

$

(0.25)

$

0.06


Weighted-
average
shares used in
per share
calculation —
diluted

283,931

16,286

(k)

300,217

264,799

17,698

(k)

282,497

 

(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating loss divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired companies.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate marketing commitments no longer deemed to have value and hazard pay premiums directly related to COVID-19 pandemic.

(g) To eliminate restructuring expenses related to (1) impairment of long-lived assets associated with the cease-use of certain facilities and (2) workforce reduction.

(h) To eliminate amortization expense of acquired intangible assets.

(i) To eliminate acquisition-related integration expenses.

(j) To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.

(k) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).

 

 

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):


Second Quarter of Fiscal


2022


2021

Net cash provided by operating activities

$

123,392

$

50,706

Less: purchases of property and equipment

(27,670)

(24,994)

Free cash flow (non-GAAP)

$

95,722

$

25,712

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pure-storage-announces-second-quarter-fiscal-2022-financial-results-301362968.html

SOURCE Pure Storage

Autodesk, Inc. Announces Fiscal 2022 Second Quarter Results

– Revenue and Current Remaining Performance Obligations Accelerate, Increasing 16% to $1,060 million and 24% to $2,854 million, Respectively, Driven by Strength in New Business and Resilient Subscription Model

PR Newswire

SAN FRANCISCO, Aug. 25, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2022.

All growth rates are compared to the second quarter of fiscal 2021, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Second Quarter Fiscal 2022 Financial Highlights

  • Total revenue increased 16 percent to $1,060 million;
  • GAAP operating margin was 14 percent, down 2 percentage points;
  • Non-GAAP operating margin was up 2 percentage points to 31 percent;
  • GAAP diluted EPS was $0.52; Non-GAAP diluted EPS was $1.21;
  • Cash flow from operating activities was $202 million; free cash flow was $186 million.

“Sustained and purposeful innovation to enable digital transformation in the industries we serve is changing our relationship with our customers from software vendor to strategic partner,” said Andrew Anagnost, Autodesk president and CEO. “And that is enabling us to create more value through end-to-end, cloud-based solutions that connect data and workflows, and power business model evolution. By helping our customers grow, we will grow too, giving us confidence in our FY 23 goals and beyond.”

“Robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates drove our strong second quarter results,” said Debbie Clifford, Autodesk CFO. “Our strong start to the year means we are raising our FY22 revenue and margin guidance and shifting more of our EBA customers from multi-year paid up front to annual billings, benefiting both our customers and Autodesk.”

Additional Financial Details

  • Total billings increased 29 percent to $1,015 million.
  • Total revenue was $1,060 million, an increase of 16 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 98 percent of total.
  • Design revenue was $944 million, an increase of 15 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, Design revenue increased 7 percent as reported, and 6 percent on a constant currency basis.
  • Make revenue was $90 million, an increase of 26 percent as reported, and 25 percent on a constant currency basis. On a sequential basis, Make revenue increased 10 percent as reported, and 9 percent on a constant currency basis.
  • Subscription plan revenue was $1,017 million, an increase of 21 percent as reported, and 19 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 7 percent as reported and on a constant currency basis.
  • Maintenance plan revenue was $17 million, a decrease of 67 percent as reported and on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 12 percent as reported, and 13 percent on a constant currency basis.
  • Net revenue retention rate was within the range of 100 to 110 percent.
  • GAAP operating income was $148 million, compared to $146 million in the second quarter last year. GAAP operating margin was 14 percent, down 2 percentage points.
  • Total non-GAAP operating income was $331 million, compared to $262 million in the second quarter last year. Non-GAAP operating margin was 31 percent, up 2 percentage points compared to the second quarter last year.
  • GAAP diluted net income per share was $0.52, compared to $0.44 in the second quarter last year.
  • Non-GAAP diluted net income per share was $1.21, compared to $0.98 in the second quarter last year.
  • Deferred revenue increased 15 percent to $3.30 billion. Unbilled deferred revenue was $843 million, an increase of $375 million compared to the second quarter of last year. Remaining performance obligations (RPO) increased 24 percent to $4.14 billion. Current RPO increased 24 percent to $2.85 billion.
  • Cash flow from operating activities was $202 million, an increase of $111 million compared to the second quarter last year. Free cash flow was $186 million, an increase of $122 million compared to the second quarter last year.

 


Second Quarter Fiscal 2022 Business Highlights


Net Revenue by Geographic Area


Three Months Ended July 31, 2021


Three Months Ended July 31, 2020


Change compared to


prior fiscal year


Constant currency change compared to prior fiscal year


(In millions, except percentages)


$


%

%

Net Revenue:

Americas

U.S.

$

347.3

$

309.5

$

37.8

12

%

*

Other Americas

75.5

62.0

13.5

22

%

*

Total Americas

422.8

371.5

51.3

14

%

14

%

EMEA

410.2

354.7

55.5

16

%

12

%

APAC

226.7

186.9

39.8

21

%

18

%

Total Net Revenue

$

1,059.7

$

913.1

$

146.6

16

%

14

%

Emerging Economies

$

132.8

$

113.7

$

19.1

17

%

16

%

__________

*  Constant currency data not provided at this level.

 


Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction (“AEC”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”).


Three Months Ended July 31, 2021


Three Months Ended July 31, 2020


Change compared to


prior fiscal year


(In millions, except percentages)


$


%

AEC

$

478.7

$

397.0

$

81.7

21

%

AutoCAD and AutoCAD LT

304.4

271.9

32.5

12

%

MFG

207.7

185.5

22.2

12

%

M&E

58.5

53.3

5.2

10

%

Other

10.4

5.4

5.0

93

%

$

1,059.7

$

913.1

$

146.6

16

%

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under “Safe Harbor Statement.”  Autodesk’s business outlook for the third quarter and full-year fiscal 2022 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2022 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Third Quarter Fiscal 2022


Q3 FY22 Guidance Metrics


Q3 FY22


(ending October 31, 2021)


Revenue (in millions)

$1,110 – $1,125


EPS GAAP

$0.50 – $0.56


EPS non-GAAP (1)

$1.22 – $1.28

____________________

(1)

Non-GAAP earnings per diluted share excludes $0.64 related to stock-based compensation expense, $0.10 for the amortization of purchased intangibles, $0.02 for acquisition-related costs, partially offset by ($0.04) related to GAAP-only tax benefit.

Full Year Fiscal 2022


FY22 Guidance Metrics


FY22


(ending January 31, 2022)


Billings (in millions) (1)

$4,875 – $4,975

Up 18% – 20%


Revenue (in millions) (2)

$4,345 – $4,385

Up 15% – 16%


GAAP operating margin

Approx. 15%


Non-GAAP operating margin (3)

Approx. 31%


EPS GAAP

$2.43 – $2.58


EPS non-GAAP (4)

$4.91 – $5.06


Free cash flow (in millions) (5)

$1,500 – $1,575

_______________

(1)

Excluding the approximately $50 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $4,825 – $4,925 million.

(2)

Excluding the approximately $55 million impact of foreign currency exchange rates and hedge gains/losses, revenue guidance would be $4,290 – $4,330 million.

(3)

Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, and 1% related to acquisition-related costs.

(4)

Non-GAAP earnings per diluted share excludes $2.49 related to stock-based compensation expense, $0.40 for the amortization of purchased intangibles, $0.10 related to acquisition-related costs, partially offset by ($0.03) related to gains on strategic investments and dispositions, and ($0.48) related to a GAAP-only tax benefit.

(5)

Free cash flow is cash flow from operating activities less approximately $75 million of capital expenditures.

The third quarter and full-year fiscal 2022 outlook assume a projected annual effective tax rate of 16 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.

Earnings Conference Call and Webcast

Autodesk will host its second quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call. 

A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.

Investor Presentation Details

An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.

To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate (“NR3”). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Free Cash Flow:
 Cash flow from operating activities minus capital expenditures.

Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design & Manufacturing Collection, and Autodesk Media and Entertainment Collection.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.   

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BuildingConnected, Fusion 360 and Shotgrid. Certain products, such as Fusion 360, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago (“base customers”).  Net revenue retention rate is calculated by dividing the current quarter subscription and maintenance revenue related to base customers by the total corresponding quarter subscription and maintenance revenue from one year ago. Subscription and maintenance revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Subscription and maintenance revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.

Other Revenue: Consists of revenue from consulting, training, and other products and services, and is recognized as the products are delivered and services are performed. 

Product Subscription:
 Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. 

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. It excludes subscription revenue related to consumer product offerings, select Creative Finishing product offerings, and third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.  

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.     

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions. 

Subscription Revenue: Includes our term-based product subscriptions, cloud service offerings, and flexible EBAs. 

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification (“ASC”) Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. 

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services, exposing us to risks such as limited customer acceptance, costs related to product defects, and large expenditures; the effects of the COVID-19 pandemic and related public health measures; global economic and political conditions; costs and challenges associated with strategic acquisitions and investments; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives; net revenue, billings, earnings, cash flow, or subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, visit autodesk.com or follow @autodesk.

Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

© 2021 Autodesk, Inc. All rights reserved.


Autodesk, Inc.


Condensed Consolidated Statements of Operations


(In millions, except per share data)


Three Months Ended July 31,


Six Months Ended July 31,


2021


2020


2021


2020


(Unaudited)


(Unaudited)

Net revenue:

Subscription

$

1,016.7

$

841.2

$

1,964.2

$

1,644.2

Maintenance

16.9

51.2

36.0

113.3

    Total subscription and maintenance revenue

1,033.6

892.4

2,000.2

1,757.5

Other

26.1

20.7

48.8

41.3

Total net revenue

1,059.7

913.1

2,049.0

1,798.8

Cost of revenue:

Cost of subscription and maintenance revenue

76.0

58.5

144.5

115.9

Cost of other revenue

15.8

15.0

29.9

32.1

Amortization of developed technologies

13.6

7.4

23.8

14.8

Total cost of revenue

105.4

80.9

198.2

162.8

Gross profit

954.3

832.2

1,850.8

1,636.0

Operating expenses:

Marketing and sales

398.8

350.9

775.9

692.2

Research and development

276.9

232.5

542.4

449.9

General and administrative

119.4

93.2

231.3

198.0

Amortization of purchased intangibles

11.1

9.5

19.3

19.2

Total operating expenses

806.2

686.1

1,568.9

1,359.3

Income from operations

148.1

146.1

281.9

276.7

Interest and other expense, net

(9.3)

(17.1)

(11.7)

(57.2)

Income before income taxes

138.8

129.0

270.2

219.5

(Provision) benefit for income taxes

(23.2)

(30.8)

1.0

(54.8)

Net income

$

115.6

$

98.2

$

271.2

$

164.7

Basic net income per share

$

0.53

$

0.45

$

1.23

$

0.75

Diluted net income per share

$

0.52

$

0.44

$

1.22

$

0.74

Weighted average shares used in computing basic net income per share

219.8

219.2

219.7

219.2

Weighted average shares used in computing diluted net income per share

222.5

222.2

222.2

222.0

 


Autodesk, Inc.


Condensed Consolidated Balance Sheets


(In millions)


July 31, 2021


January 31, 2021


(Unaudited)


ASSETS

Current assets:

Cash and cash equivalents

$

923.5

$

1,772.2

Marketable securities

1.4

4.0

Accounts receivable, net

357.8

643.1

Prepaid expenses and other current assets

263.3

206.2

Total current assets

1,546.0

2,625.5

Computer equipment, software, furniture and leasehold improvements, net

198.3

192.8

Operating lease right-of-use assets

384.3

416.7

Intangible assets, net (1)

511.3

199.3

Goodwill

3,562.2

2,706.5

Deferred income taxes, net

739.6

763.1

Long-term other assets (1)

478.9

375.9

Total assets

$

7,420.6

$

7,279.8


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

108.4

$

122.5

Accrued compensation

216.5

322.6

Accrued income taxes

21.9

42.6

Deferred revenue

2,521.0

2,500.9

Operating lease liabilities

87.7

71.4

Other accrued liabilities

131.9

194.7

Total current liabilities

3,087.4

3,254.7

Long-term deferred revenue

779.4

859.3

Long-term operating lease liabilities

358.9

396.0

Long-term income taxes payable

21.1

15.9

Long-term deferred income taxes

60.4

11.4

Long-term notes payable, net

1,638.4

1,637.2

Long-term other liabilities

147.2

139.8

Stockholders’ equity:

Common stock and additional paid-in capital

2,780.7

2,578.9

Accumulated other comprehensive loss

(113.4)

(125.9)

Accumulated deficit

(1,339.5)

(1,487.5)

Total stockholders’ equity

1,327.8

965.5

Total liabilities and stockholders’ equity

$

7,420.6

$

7,279.8

____________________

(1)

During the quarter ended July 31, 2021, the Company changed its presentation on the Condensed Consolidated Balance Sheet for intangible assets.  These amounts were previously presented in “Developed technologies, net” and “Long-term other assets” and are now presented as “Intangible assets, net”.  Accordingly, prior period amounts have been reclassified to conform to the current period presentation. This presentation change did not impact “Total assets” on the Condensed Consolidated Balance Sheets and had no impact on the Company’s Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows.

 


Autodesk, Inc.


Condensed Consolidated Statements of Cash Flows


(In millions)


Six Months Ended July 31,


2021


2020


(Unaudited)

Operating activities:

Net income

$

271.2

$

164.7

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

72.4

60.0

Stock-based compensation expense

266.0

194.1

Deferred income taxes

25.7

14.5

Other

7.9

36.0

Changes in operating assets and liabilities, net of business combinations:

Accounts receivable

292.6

162.7

Prepaid expenses and other assets

(157.5)

(52.0)

Accounts payable and other liabilities

(150.8)

(42.8)

Deferred revenue

(70.6)

(130.0)

Accrued income taxes

(18.8)

11.3

Net cash provided by operating activities

538.1

418.5

Investing activities:

Purchases of marketable securities

(17.0)

Sales and maturities of marketable securities

4.0

11.0

Capital expenditures

(36.1)

(46.7)

Purchases of developed technologies

(7.7)

(4.8)

Business combinations, net of cash acquired

(1,154.6)

Other investing activities

8.0

(54.3)

Net cash used in investing activities

(1,186.4)

(111.8)

Financing activities:

Proceeds from issuance of common stock, net of issuance costs

64.7

58.5

Taxes paid related to net share settlement of equity awards

(61.9)

(39.6)

Repurchases of common stock

(198.7)

(209.0)

Repayment of debt

(450.0)

Other financing activities

(2.5)

Net cash used in financing activities

(195.9)

(642.6)

Effect of exchange rate changes on cash and cash equivalents

(4.5)

1.0

Net decrease in cash and cash equivalents

(848.7)

(334.9)

Cash and cash equivalents at beginning of period

1,772.2

1,774.7

Cash and cash equivalents at end of period

$

923.5

$

1,439.8

Supplemental cash flow disclosure:

Non-cash financing activities:

Fair value of common stock issued to settle liability-classified restricted stock units

$

$

28.7

Fair value of common stock issued related to business combination

$

2.6

$

 


Autodesk, Inc.


Reconciliation of GAAP financial measures to non-GAAP financial measures


(In millions, except per share data)

To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results.  For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.

The following table shows Autodesk’s GAAP results reconciled to non-GAAP results included in this release.


Three Months Ended July 31,


Six Months Ended July 31,


2021


2020


2021


2020


(Unaudited)


(Unaudited)

GAAP operating margin

14

%

16

%

14

%

15

%

Stock-based compensation expense

14

%

11

%

13

%

11

%

Amortization of developed technologies

1

%

1

%

1

%

1

%

Amortization of purchased intangibles

1

%

1

%

1

%

1

%

Acquisition-related costs

%

%

1

%

%

Non-GAAP operating margin (1)

31

%

29

%

30

%

28

%

GAAP income from operations

$

148.1

$

146.1

$

281.9

$

276.7

Stock-based compensation expense

153.2

95.9

269.0

194.1

Amortization of developed technologies

13.6

7.4

23.8

14.8

Amortization of purchased intangibles

11.1

9.5

19.3

19.2

Acquisition-related costs

4.8

3.5

16.8

5.4

Non-GAAP income from operations

$

330.8

$

262.4

$

610.8

$

510.2

GAAP diluted net income per share

$

0.52

$

0.44

$

1.22

$

0.74

Stock-based compensation expense

0.69

0.43

1.21

0.87

Amortization of developed technologies

0.06

0.03

0.11

0.07

Amortization of purchased intangibles

0.05

0.04

0.09

0.09

Acquisition-related costs

0.03

0.03

0.08

0.03

(Gain) loss on strategic investments and dispositions, net

(0.01)

0.06

(0.03)

0.14

Discrete GAAP tax items

(0.25)

Income tax effect of non-GAAP adjustments

(0.13)

(0.05)

(0.19)

(0.11)

Non-GAAP diluted net income per share

$

1.21

$

0.98

$

2.24

$

1.83

Net cash provided by operating activities

$

202.0

$

91.2

$

538.1

$

418.5

Capital expenditures

(15.8)

(26.8)

(36.1)

(46.7)

Free cash flow

$

186.2

$

64.4

$

502.0

$

371.8

____________________

(1)

Totals may not sum due to rounding.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/autodesk-inc-announces-fiscal-2022-second-quarter-results-301362938.html

SOURCE Autodesk, Inc.

Avidity Biosciences Announces Changes to its Board of Directors

Appointment of Eric Mosbrooker to Board of Directors; Departure of Roderick Wong, M.D.

PR Newswire

LA JOLLA, Calif., Aug. 25, 2021 /PRNewswire/ — Avidity Biosciences, Inc. (Nasdaq: RNA) a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced the appointment of experienced global commercial and operations executive, Eric Mosbrooker to its board of directors. Mr. Mosbrooker is an industry leader with expertise in building global commercial organizations, as well as marketing, market access, distribution, and compliance.

The company also announced the departure of Roderick Wong, M.D. from the board. Dr. Wong, managing partner and chief investment officer at RTW Investments, LP, joined Avidity’s board in November 2019 in conjunction with the company’s series C financing.

“We are very pleased to have Eric join our Board further enhancing a commercial perspective that will become increasingly important as our pipeline continues to mature. His experience in rare and genetic diseases is complementary to our existing board members and makes him a welcome addition to the Avidity team,” said Sarah Boyce, president and CEO of Avidity. “We are so grateful to Rod for his service over the past year and a half. His expertise was invaluable as we completed our IPO and first follow-on financing.”

Mr. Mosbrooker has expertise in gene therapy, rare metabolic diseases, additional orphan conditions and oncology. Mr. Mosbrooker currently serves as the chief operations officer for Cognoa, leading the commercial, program management, product, and business operations functions. Prior to joining Cognoa, he was the chief commercial officer at Audentes Therapeutics overseeing the gene therapy business unit. Mr. Mosbrooker also served as the senior vice president of the Global Orphan Business Unit at Horizon Pharmaceuticals. He holds a B.S. in Industrial Engineering from the University of Wisconsin – Madison.

“I am pleased to join the board of directors at Avidity, especially at such an exciting time for the company,” said Mr. Mosbrooker. “Avidity’s innovative science, clear strategy and strong AOC platform are a winning combination to improve the lives of people affected by serious diseases. I look forward to working with other board members and the management team to serve patients and their families as Avidity emerges as a leader in the RNA space.”

About Avidity Biosciences

Avidity Biosciences, Inc.’s mission is to profoundly improve people’s lives by delivering a new class of RNA therapeutics – Antibody Oligonucleotide Conjugates (AOCsTM). Avidity’s proprietary AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target the root cause of diseases previously untreatable with RNA therapeutics. Avidity’s lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1 (DM1). The FDA has cleared Avidity to proceed with the Phase 1/2 MARINATM trial of AOC 1001 in adults with DM1. Its advancing and expanding pipeline also includes programs in facioscapulohumeral muscular dystrophy (FSHD), Duchenne Muscular Dystrophy (DMD), muscle atrophy and Pompe disease. The company is planning for AOC 1044, the lead of three programs for the treatment of DMD, and its AOC FSHD program to enter the clinic in 2022.  Avidity is also broadening the reach of AOCs beyond muscle tissues through both internal discovery efforts and key partnerships as the company continues to deliver on the RNA revolution. Avidity is headquartered in La Jolla, CA. For more information about our science, pipeline and people, please visit www.aviditybiosciences.com and engage with us on LinkedIn and Twitter.

Forward-Looking Statements

Avidity cautions readers that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: the potential of the AOCs platform and the progression and maturation of the Company’s pipeline of AOCs, the advancement of AOCs into clinical development; the potential for Avidity’s AOCs to be commercialized; the potential of AOCs to have a transformative impact on patients with a wide range of serious diseases; and Avidity’s strategy to deliver long-term growth. The inclusion of forward-looking statements should not be regarded as a representation by Avidity that any of these plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the business, including, without limitation: Avidity is early in its development efforts and all of its development programs are in the preclinical or discovery stage; Avidity’s approach to the discovery and development of product candidates based on its AOC platform is unproven, and the company does not know whether it will be able to develop any products of commercial value; potential delays in the commencement, enrollment and completion of clinical trials;  disruption to its operations from the COVID-19 pandemic; Avidity’s dependence on third parties in connection with preclinical testing and product manufacturing; unexpected adverse side effects or inadequate efficacy of its product candidates that may limit their development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; regulatory developments in the United States and foreign countries, including acceptance of INDs and similar foreign regulatory filings and the proposed design of future clinical trials; risks related to integration of new management personnel; and other risks described in prior press releases and in filings with the Securities and Exchange Commission (SEC). Avidity cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Company & Investors Contact:

Kath Gallagher

[email protected] 
(858) 401-7900

Media Contact:

Cherise Adkins

[email protected] 
(301) 267-4161

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/avidity-biosciences-announces-changes-to-its-board-of-directors-301360859.html

SOURCE Avidity Biosciences, Inc.

Elastic and Cmd Join Forces to Help Customers Take Command of Their Cloud Workloads

Elastic and Cmd Join Forces to Help Customers Take Command of Their Cloud Workloads

Expanding Cloud Security Capabilities in Elastic Limitless XDR

  • Delivering deep visibility into cloud workloads for advanced security detections and prevention
  • Built on open, extensible extended Berkeley Packet Filter (eBPF) technology

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, today announced it has entered into a definitive agreement to acquire Cmd, a leader in infrastructure detection and response (IDR) to give customers deep visibility into cloud workloads and perform expert detection and prevention on cloud-native data.

Together with Elastic’s recent announcement to acquire build.security, Cmd will add runtime security capabilities to Elastic Limitless XDR, unifying security information and event management (SIEM), endpoint, and cloud security – from build-time, to deployment-time, to runtime, all in a single search platform.

Elastic Security provides kernel-level visibility into Linux systems, as well as powerful Linux protection capabilities such as malware prevention and advanced MITRE ATT&CK-mapped Linux rules. With Cmd, Elastic will expand its security capabilities for cloud-native runtime application workloads using extended Berkeley Packet Filter (eBPF) technology.

As a leader in eBPF, Cmd provides deep and performant visibility into cloud workloads, enabling developers to rapidly innovate and deliver entirely new observability and security outcomes for users. eBPF has revolutionized how organizations observe and protect cloud workloads and is a cornerstone of efficient, safe, and all-encompassing observability for Linux.

Elastic will integrate Cmd’s cloud-native data collection and protection using eBPF directly into the Elastic Agent, and integrate Cmd’s innovative and practitioner-oriented user experience and workflows directly into Kibana.

Elastic customers will benefit from the cloud-native security capabilities of Cmd, while Cmd customers will be able to take advantage of Elastic Limitless XDR, including hundreds of stateful detections and machine learning models mapped to MITRE ATT&CK, built-in case workflows, client security on Windows and macOS, and anti-malware prevention on Linux.

Financial terms of the transaction were not disclosed. For more information, read the blog.

Supporting Quotes:

  • “We are incredibly excited to join forces with Elastic to bring comprehensive cloud runtime security to customers,” said Santosh Krishnan, CEO, Cmd. “Any robust cloud security program starts with a strong analytics foundation – an area in which Elastic Security is a proven leader. Together, we will deliver intuitive investigative workflows on top of that foundation, along with preventive controls, and detection and response, to enable customers to quickly find attacks and stop them in their tracks.”
  • “Our vision for Elastic Security grew from listening to our users, where for years the Elastic Stack has been adopted by the security community for advanced security use cases,” said Shay Banon, founder and CEO, Elastic. “Bringing that vision to life by joining forces with focused, innovative teams has enabled Elastic to deliver the industry’s first free and open security solution to give every enterprise the power to prevent, detect, and respond to threats from the endpoint to the cloud. We are excited to join forces with Cmd and bring deeper observability and protection to cloud native workloads with practitioner-first experiences.”

Timing and Approvals:

The acquisition is expected to close during Elastic’s fiscal second quarter, subject to customary closing conditions.

About Cmd:

Cmd, based in beautiful Vancouver, Canada, delivers runtime security to global brands, financial institutions, and software companies who need infrastructure detection and response capabilities. The Cmd platform observes real-time session activity and allows Linux administrators and Developers to take immediate remediation action. Organizations will sleep easier and save time and money by securing their infrastructure with Cmd.

About Elastic:

Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Thousands of organizations worldwide, including Cisco, eBay, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe and is publicly traded on the NYSE under the symbol ESTC. Learn more at elastic.co.

Forward-Looking Statements

This press release contains forward-looking statements which include but are not limited to statements about future features and functionality. The release and timing of any features or functionality described in this document remain at Elastic’s sole discretion. Any features or functionality not currently available may not be delivered on time or at all.

Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.

Elastic Public Relations

Jennifer Malleo

[email protected]

KEYWORDS: United States North America Canada California

INDUSTRY KEYWORDS: Data Management Security Technology Software Networks Internet

MEDIA:

Logo
Logo

LGI Homes Announces Director Resignation

THE WOODLANDS, Texas, Aug. 25, 2021 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) today announced that Laura Miller is resigning from LGI Homes’ Board of Directors (the “Board”) so that she may focus her efforts on other professional responsibilities.

Ms. Miller commented, “I have decided it is the right time to transition off the Board and focus on my CIO responsibilities at Macy’s along with other demands on my time. I am extremely proud of everything LGI Homes has accomplished and am confident that the Company is well-positioned to continue its successful record of growth and industry-leading profitability.”

Eric Lipar, LGI Homes’ Chief Executive Officer and Chairman of the Board, said, “In addition to her excellent contributions on the Board, Laura’s extensive cybersecurity and other technology-related expertise played a significant role as we modernized our IT platforms to support our future growth. We thank Laura for all her contributions to LGI Homes and we wish her well in her future endeavors.”

LGI Homes, the Board and the Nominating and Corporate Governance Committee of the Board are currently evaluating alternatives with respect to appointing a new independent director to fill the vacancy created by Ms. Miller’s resignation.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as the 10th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 18 years of homebuilding operations, over which time it has closed more than 50,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.lgihomes.com.

CONTACT:          Joshua D. Fattor
Vice President of Investor Relations
(281) 210-2619
[email protected]